Ormat Technologies (NYSE:ORA) Coverage Initiated by Analysts at Morgan Stanley

Stock analysts at Morgan Stanley initiated coverage on shares of Ormat Technologies (NYSE:ORA) in a report released on Thursday, MarketBeat.com reports. The firm set an “overweight” rating and a $123.00 price target on the energy company’s stock. Morgan Stanley‘s price target would indicate a potential upside of 33.94% from the stock’s current price.

A number of other equities analysts have also recently issued reports on ORA. TD Cowen upgraded shares of Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. Barclays cut their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $130.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Sanford C. Bernstein raised shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price on the stock in a research note on Friday, September 4th. Finally, Oppenheimer upped their price target on shares of Ormat Technologies from $141.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average target price of $127.62.

Ormat Technologies Price Performance

NYSE ORA traded up $0.17 during trading on Thursday, hitting $91.83. 38,700 shares of the company’s stock were exchanged, compared to its average volume of 867,390. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The company has a market cap of $5.65 billion, a PE ratio of 45.14, a P/E/G ratio of 3.30 and a beta of 0.90. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The stock’s 50 day moving average price is $95.70 and its two-hundred day moving average price is $111.82.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts expect that Ormat Technologies will post 2.64 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ORA. BlackRock Inc. bought a new position in Ormat Technologies during the second quarter worth $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in Ormat Technologies during the second quarter valued at $259,568,000. Canada Pension Plan Investment Board acquired a new stake in Ormat Technologies during the 2nd quarter worth about $173,638,000. Legal & General Group Plc acquired a new stake in Ormat Technologies during the 2nd quarter worth about $77,650,000. Finally, Deutsche Bank AG acquired a new stake in Ormat Technologies during the 2nd quarter worth about $42,015,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.